California State Teachers Retirement System Lowers Stake in Rhythm Pharmaceuticals, Inc. $RYTM

Key Points

• California State Teachers Retirement System reduced its Rhythm Pharmaceuticals stake by 2.7% in the second quarter, selling 1,775 shares and retaining 64,031 shares valued at approximately $7.1 million.
• Wall Street remains broadly positive on RYTM, with 16 Buy, three Hold, and one Sell ratings. The stock has a “Moderate Buy” consensus rating and an average price target of $140.67.
• Rhythm reported quarterly revenue of $71.25 million, up 46.9% year over year, and an adjusted loss of $0.73 per share that beat expectations. However, insiders sold 295,450 shares worth $32.5 million over the past 90 days, while the stock recently traded at $97.63.

California State Teachers Retirement System cut its holdings in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Free Report) by 2.7% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 64,031 shares of the company's stock after selling 1,775 shares during the period. California State Teachers Retirement System owned about 0.09% of Rhythm Pharmaceuticals worth $7,109,362 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of RYTM. EverSource Wealth Advisors LLC raised its holdings in Rhythm Pharmaceuticals by 303.0% in the 4th quarter. EverSource Wealth Advisors LLC now owns 266 shares of the company's stock valued at $28,000 after buying an additional 200 shares during the period. GAMMA Investing LLC increased its holdings in Rhythm Pharmaceuticals by 36.3% in the second quarter. GAMMA Investing LLC now owns 364 shares of the company's stock valued at $40,000 after buying an additional 97 shares during the last quarter. Global Retirement Partners LLC acquired a new position in shares of Rhythm Pharmaceuticals during the second quarter valued at $51,000. Covestor Ltd lifted its position in shares of Rhythm Pharmaceuticals by 328.9% in the 4th quarter. Covestor Ltd now owns 579 shares of the company's stock valued at $62,000 after acquiring an additional 444 shares in the last quarter. Finally, Clearstead Advisors LLC increased its holdings in shares of Rhythm Pharmaceuticals by 212.3% during the 4th quarter. Clearstead Advisors LLC now owns 1,246 shares of the company's stock valued at $133,000 after acquiring an additional 847 shares during the last quarter.

Wall Street Analysts Forecast Growth

RYTM has been the topic of several recent research reports. JPMorgan Chase & Co. lifted their price target on Rhythm Pharmaceuticals from $145.00 to $146.00 and gave the company an "overweight" rating in a research note on Friday, August 7th. Citigroup reissued a "market outperform" rating on shares of Rhythm Pharmaceuticals in a research note on Wednesday, August 5th. Deutsche Bank Aktiengesellschaft initiated coverage on Rhythm Pharmaceuticals in a research note on Friday, August 28th. They set a "hold" rating and a $120.00 price objective for the company. TD Cowen reissued a "buy" rating on shares of Rhythm Pharmaceuticals in a research note on Wednesday, June 17th. Finally, Citizens Jmp boosted their target price on Rhythm Pharmaceuticals from $155.00 to $160.00 and gave the stock a "market outperform" rating in a research note on Wednesday, August 5th. Sixteen investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, Rhythm Pharmaceuticals presently has a consensus rating of "Moderate Buy" and a consensus target price of $140.67.

Insider Buying and Selling at Rhythm Pharmaceuticals

In other Rhythm Pharmaceuticals news, EVP Yann Mazabraud sold 57,000 shares of Rhythm Pharmaceuticals stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $116.15, for a total transaction of $6,620,550.00. Following the completion of the transaction, the executive vice president owned 55,655 shares in the company, valued at approximately $6,464,328.25. This trade represents a 50.60% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO David P. Meeker sold 50,000 shares of the stock in a transaction dated Monday, September 14th. The stock was sold at an average price of $102.67, for a total transaction of $5,133,500.00. Following the transaction, the chief executive officer directly owned 239,258 shares of the company's stock, valued at approximately $24,564,618.86. This trade represents a 17.29% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 295,450 shares of company stock valued at $32,508,337 in the last ninety days. Corporate insiders own 5.90% of the company's stock.

Rhythm Pharmaceuticals Price Performance

Shares of RYTM traded down $4.81 during trading hours on Tuesday, reaching $97.63. 381,358 shares of the company's stock traded hands, compared to its average volume of 752,512. Rhythm Pharmaceuticals, Inc. has a twelve month low of $74.50 and a twelve month high of $122.20. The business's fifty day simple moving average is $108.46 and its two-hundred day simple moving average is $97.21. The firm has a market capitalization of $6.69 billion, a price-to-earnings ratio of -31.40 and a beta of 1.97.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last announced its quarterly earnings data on Tuesday, August 4th. The company reported ($0.73) earnings per share for the quarter, topping the consensus estimate of ($0.81) by $0.08. Rhythm Pharmaceuticals had a negative return on equity of 159.87% and a negative net margin of 85.59%.The company had revenue of $71.25 million for the quarter, compared to analyst estimates of $67.66 million. During the same quarter last year, the firm earned ($0.75) EPS. Rhythm Pharmaceuticals's revenue for the quarter was up 46.9% compared to the same quarter last year. On average, equities research analysts expect that Rhythm Pharmaceuticals, Inc. will post -2.86 EPS for the current year.

Rhythm Pharmaceuticals Company Profile

Rhythm Pharmaceuticals, Inc is a biopharmaceutical company focused on developing and commercializing therapies for rare genetic diseases of obesity and related metabolic disorders. The company's research is centered on the melanocortin-4 receptor (MC4R) pathway, which plays an important role in regulating hunger and energy balance.

Rhythm's primary product is IMCIVREE (setmelanotide), an MC4R agonist. In the United States, IMCIVREE is approved for chronic weight management in adults and children at least 2 years old with obesity and certain genetically confirmed conditions affecting the MC4R pathway, including pro-opiomelanocortin, proprotein convertase subtilisin/kexin type 1 and leptin receptor deficiencies, as well as Bardet-Biedl syndrome.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.